Stock Market News
OPG Power Ventures pleased with full-year operational performance
India-focussed power generation plants developer OPG Power Ventures updated the market on its trading for the full-year ended 31 March on Tuesday, reporting a total of 1.1 billion units in its fourth quarter, an improvement of 15% year-on-year.
The AIM-traded firm said total generation in the 2018 financial year was 4.8 billion units, up 10%, with Chennai plant load factor standing at 77% for the year, and 78% at Gujarat.
Sales tariffs increased by 4% at the Chennai plant for the 2019 financial year.
A total of 62 MW Karnataka solar projects was commissioned, and it was expected to contribute to group earnings in 2019.
Gujarat Distribution Companies of the State Electricity Utility (DISCOMs) were no longer levying cross-subsidies to OPG's customers, the board reported, with £7m of dues already recovered by the group.
A strategic review of the Gujarat plant was underway, following the successful resolution of group captive status with DISCOMs, and a 5% equity interest in OPGS Gujarat had been sold.
"This has been a record year of production for OPG, in which we have operated both our plants in line with our full year guidance," said executive chairman Arvind Gupta.
"Improvements in the tariffs at Chennai for FY19 have provided us with some additional headroom for next year versus the prevailing coal price which, albeit is still high, is lower than recently."
Gupta said that, with the commissioning of 62 MW solar projects in Karnataka, the company now had a diversified portfolio of thermal and renewable assets which was said to be "strategically important" in the modern environment, and a key milestone for OPG.
"Following the resolution of the significant issues to do with recovering historic cross subsidy deductions made by Gujarat DISCOMs, the board has decided to review its strategic options for the Gujarat plant and remains focused on the group delivering strong operational and financial performance, to allow the group to deliver true value to stakeholders."
The AIM-traded firm said total generation in the 2018 financial year was 4.8 billion units, up 10%, with Chennai plant load factor standing at 77% for the year, and 78% at Gujarat.
Sales tariffs increased by 4% at the Chennai plant for the 2019 financial year.
A total of 62 MW Karnataka solar projects was commissioned, and it was expected to contribute to group earnings in 2019.
Gujarat Distribution Companies of the State Electricity Utility (DISCOMs) were no longer levying cross-subsidies to OPG's customers, the board reported, with £7m of dues already recovered by the group.
A strategic review of the Gujarat plant was underway, following the successful resolution of group captive status with DISCOMs, and a 5% equity interest in OPGS Gujarat had been sold.
"This has been a record year of production for OPG, in which we have operated both our plants in line with our full year guidance," said executive chairman Arvind Gupta.
"Improvements in the tariffs at Chennai for FY19 have provided us with some additional headroom for next year versus the prevailing coal price which, albeit is still high, is lower than recently."
Gupta said that, with the commissioning of 62 MW solar projects in Karnataka, the company now had a diversified portfolio of thermal and renewable assets which was said to be "strategically important" in the modern environment, and a key milestone for OPG.
"Following the resolution of the significant issues to do with recovering historic cross subsidy deductions made by Gujarat DISCOMs, the board has decided to review its strategic options for the Gujarat plant and remains focused on the group delivering strong operational and financial performance, to allow the group to deliver true value to stakeholders."
Related share prices |
---|
OPG Power Ventures (OPG) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price